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EUR/USD forecast: eyes on BCE, FOMC – Commerzbank and Danske Bank

FXStreet (Edinburgh) - EUR/USD keeps the mid-1.1200s ahead of the European open on Thursday, with the ECB Accounts and the FOMC meeting taking centre stage later in the day.

EUR/USD and USD/JPY continue to range trade with risk sentiment currently being the main (but weak) driver for the two safe havens. As such, it would probably require actions from either the ECB or BoJ in order for EUR/USD or USD/JPY to break away from their current ranges”, suggested Analyst Mikael Milhoj at Danske Bank.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s “topside remains capped by the 6 week resistance line at 1.1271 and for now our negative bias remains intact. Key nearby support is the 55 day ma at 1.1176 today. Below here the risk remains for a re-visit of the September lows at 1.1105/1.1088”.

CNY depreciation expectations in check – UOB

Research Team at UOB, suggest that after Chinese markets reopened today after a week-long break, authorities are likely to keep CNY depreciation expectations in check ahead of IMF’s SDR decision expected in Nov/Dec with the IMF/WB annual meetings later this week (9-11 October).
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NZD still likely to fall - BNZ

Research Team at BNZ, suggest that inspite of the recent rally in NZD, we find that NZD is still likely to fall, USD likely to rise, volatility will remain high, but our overall conviction is low.
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